Insured persons can satisfy the requirement for an insurable interest in property if they have current general insurance policy covering property and:

Question

Quizplus · Accepted Answer

Insured persons can satisfy the requirement for an insurable interest in property if they can satisfy any one of the following conditions:
A) they were the legal owners of the property when the insurance contract was made and the loss occurred. 
B) they were the equitable owners of the property when the insurance contract was made and the loss occurred. 
C) they suffered an economic loss.

Insured Persons Can Satisfy the Requirement for an Insurable Interest